Pan Gongsheng

Rule Changes

Co-chairs the bilateral financial working group

Canada and China had no working channel between their financial regulators for more than seven years. On November 9, in Vancouver, they signed three.

Updated 7 hours ago

Rule Changes

In office

The People's Bank of China will require banks to hold 6% of foreign currency deposits in reserve from November 15, up from 4%. That pulls roughly $24 billion of dollar liquidity out of the banking system. The yuan weakened on the news and kept sliding as the central bank set three weaker daily fixings in a row.

Updated 4 days ago

Rule Changes

Oversees approval of Visa's market entry

China's central bank approved Visa's application to prepare a domestic bank card clearing business on October 13, 2026, advancing a bid that began in 2017. Visa has one year to finish preparations, then must win an operating license from the People's Bank of China and the National Financial Regulatory Administration.

Updated 5 days ago

Rule Changes

Leading the policy-rate overhaul

China's central bank now sets the price of overnight money every business day. On Nov. 2, the People's Bank of China made its first daily overnight reverse repo operation at 1.25%, replacing the seven-day rate it had used as its main policy signal.

Updated Nov 2

Money Moves

As of July 2026: Backed Libya's entry into CIPS and the Chinese bond market

For years, a Libyan bank paying a Chinese supplier had to send the money through a US dollar bank first. This week, Libya's central bank agreed to skip that step.

Updated Jul 19

Money Moves

As of May 2026: Leading monetary easing campaign

For three decades, China's annual growth target was a formality — the economy nearly always blew past it. On March 5, Premier Li Qiang set the 2026 target at 4.5% to 5%, the lowest figure Beijing has published since it began the practice in the early 1990s. The downgrade from the previous three years' 'around 5%' signals that China's leadership now expects structurally slower expansion for the foreseeable future.

Updated May 30